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Treasury Secretary Steven Munchin Outlines Trade Negotiations with EU Going Forward

Treasury Secretary Steven Munchin Outlines Trade Negotiations with EU Going Forward

During Wednesday's negotiations with European Commission President Jean-Claude Juncker, US President Donald Trump proposed scrapping licenses on liquefied natural gas shipped from the US to Europe. Beijing knows that China is the single largest importer of US soybeans, and that about 96 percent of USA soybeans are grown in 18 states - all but two of which voted for Trump in 2016.

Juncker, who has been more emollient in his language with regard to Trump than Donald Tusk, the European council president, will give a speech entitled: transatlantic relations: at a crossroads, after his meeting in the White House.

"So trump got it way ... wow ... so he slaps tariffs on them and they come to the table to negotiate ... wow".

It also extends talks on aluminum and steel after the U.S. imposition of tariffs resulted in the European Union unleashing retaliatory measures.

Given Trump's records of backing out of deals and agreements, this might be easily undone.

Germany's economy minister Peter Altmaier immediately hailed the news on Twitter, posting: "Breakthrough achieved that can avoid trade war and save millions of jobs!" Great for global economy'. Whether any actual concessions have been made or will be made, a freeze on the spiral of tariffs on both sides is good news.

United States stocks shot to their highs of the day, with the benchmark S&P 500 Index rising by the most in almost two months to close the day within 1pc of an all-time high.

The EU is the world's second largest soybean importer after China.

US Treasury prices also eased and the 10-year note's yield ended the day at a one-month high near 2.98pc.

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The United States has been looking to support farmers hurt by the tariffs imposed on USA products and this week announced a $12 billion support package.

But U.S. Trade Representative Robert Lighthizer told a Senate committee Thursday that "we are negotiating about agriculture, period".

Mr. Trump also won a commitment to work together to reform the World Trade Organization to address some of his complaints about China on theft of US technology, the behavior of state-owned enterprises, and overcapacity in steel.

West Tennessee farmers react to agricultural tariffs put in place on their products sold to other countries.

The outcome seemed a victory for Mr. Trump, who had assured supporters that his confrontational trade strategy would bear fruit, and who appears to have conceded little in the talks with the EU.

"On a related note, Reuters has reported that the U.S. administration will provide around $12bn of relief aid to U.S. farmers to partly offset the flow on impacts from the trade conflict with China/EU".

However, in reality, three quarters of Europe's existing import facilities lie empty while demand for US LNG on the continent remains limited.

As part of the deal, the United States and Europe will work together on China.

His state has also been affected by retaliatory tariffs from the European Union on bourbon, and Barr said he didn't feel satisfied by the amount of specificity in Thursday's briefing on whether that would also be resolved soon.


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